Polaris Industries reports that its North American sales increases 43 percent in the second quarter, a jump buoyed by a rise in revenue from all three of its vehicles segments — off-road, on-road and snowmobile — and a 23 percent sales increase in PG&A.
During its second quarter announcement Tuesday, Polaris executives reported record second quarter net income of $48.7 million, a 90 percent increase from $25.6 million recorded the same period in 2010. Sales for Q2 totaled $607.9 million, a 41 percent increase over Q2 sales in 2010.
The company said that all product lines and geographic regions experienced increased sales during the 2011 second quarter, including International sales, which increased 35 percent.
In summary, Polaris saw the following second quarter increases in vehicle sales:
- Off-road vehicles jumped 41 percent to $482.3 million from $342 million in 2010
- Snowmobiles spiked 247 percent to $6.8 million compared to $2 million in 2010
- On-road vehicles increased 99 percent to $30.9 million from $15.4 million in 2010
- PG&A sales rose 23 percent to $87.9 million from $71.3 million in 2010
"Given our first half results and the continued strength of our businesses, we are again significantly raising our expectations for sales and earnings for the full year 2011," said Scott Wine, Polaris' CEO. "We continue to seek strategic investments to further strengthen our Company, as evidenced by the recently announced acquisitions of Indian Motorcycle Company and Global Electric Motorcars (GEM).
"Next week we will be unveiling a number of new model year 2012 products. Innovation has always been one of our key competitive advantages and these products exemplify our commitment to providing consumers with high quality, cutting-edge products," Wine continued. "I am confident that these new products, combined with continued execution of our strategic objectives, will drive profitable growth for the remainder of 2011 and deliver another record year for sales, net income and earnings per share."
posted by Dennis Johnson
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